Columbus Gold Corporation is pleased to announce drill results from its 100% owned Rattler Prospect, Red Hills Project located in eastern Nevada USA, and within the prolific Carlin Trend. Carnavale Resources Limited("Carnavale") has joint venture rights to earn up to 51% of the Red Hills Project from Columbus Gold by incurring $2 million in expenditures by August 2016. Carnavale can earn an additional 24% (totaling 75%) by incurring an additional $7 million over four further years.
Following are excerpts from Carnavale's news release dated December 8, 2015 highlighting their recent activity on Columbus' Red Hills Project:
The recent RC drilling program of four holes has successfully defined polymetallic Ag-Au- Pb-Zn mineralization hosted in the Rattler Shear Zone (RSZ), in three of the holes, beneath a zone of highly anomalous soil sampling results coincident with a number of historic underground mine workings at the Rattler Prospect.
Highlights of Drilling Results*:
* True widths of the drill hole intersections cannot be determined from the information available. Rounding errors may occur.
Project Highlights (as quote by Carnavale):
Rattler Shear Zone mineralization remains open in all directions and other targets remain open or totally untested:
- High-grade polymetallic potential within Rattler Shear Zone
- Adjacent Tiger Anomaly remains untested by any drilling
- Supergene weathering processes suggest potential for higher-grade mineralisation may occur in fresh rock.
As reported by Carnavale, next steps include advancing BLM drilling approvals to allow drill testing to extend mineralisation along strike and down dip within the Rattler Shear Zone and initial testing of the parallel Tiger targets.
The information herein that relates to Exploration Results is based on information compiled and reviewed by Mr. John W. Keller, Certified Professional Geologist (C.P.G. # 11088), who is a Member in Good Standing of the American Institute of Professional Geologists (AIPG). Mr. Keller is a consultant retained by Carnavale to direct the drilling program at Red Hills, which is earning into the property, and Mr. Keller is not otherwise affiliated with or employed by Columbus Gold.
Mr. Keller has more than 20 years experience which is relevant to the style of mineralization and type of deposit being reported and to the activity which he is undertaking to qualify as a Qualified Person under NI 43-101. He has reviewed and approved the technical contents of this news release.
For complete information and full disclosure on all drill results and the joint venture exploration program being conducted by Carnavale please visit the website: www.carnavaleresources.com.
ON BEHALF OF THE BOARD,
Robert F. Giustra, Chairman & CEO